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Book part
Publication date: 20 July 2012

Ross B. Emmett

After a long hiatus, psychology and economics today are back in conversation with each other: active research programs in behavioral economics, neuro-economics, and the…

Abstract

After a long hiatus, psychology and economics today are back in conversation with each other: active research programs in behavioral economics, neuro-economics, and the economics of happiness bespeak a thriving cross-disciplinary discussion. Yet for most of the twentieth century, economists distanced themselves from psychology; when they spoke of science, they referred, in the first instance, to the physical sciences, then perhaps to the biological sciences. A hundred years ago, however, American intellectuals viewed psychology as a progressive science and economics as traditionalist – mired in the antiquated notions of laissez-faire and individualism. A social science that assumed individuals knew their preferences, directed their actions toward fulfilling them in a rational manner, and in the process engaged others in dispassionate exchange, was clearly not speaking to the issues of the modern world. The death of progressivism in the wake of WW I only reinforced the rise of psychology: good intentions weren’t enough, motives were suspect, rational individuals went mad in the midst of conflict and turmoil, complex emotions ruled. Careful psychological analysis could, however, enable society to gain some degree of control over the fundamental irrationality of human action.

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Research in the History of Economic Thought and Methodology: A Research Annual
Type: Book
ISBN: 978-1-78052-824-3

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Article
Publication date: 28 September 2010

Thomas Willett

The purpose of this paper is to discuss implications of the global crisis for economic and financial research and policy.

Abstract

Purpose

The purpose of this paper is to discuss implications of the global crisis for economic and financial research and policy.

Design/methodology/approach

The paper reviews many recent studies on the crisis and offers the author's views on some of the most important lessons to be drawn from the crisis

Findings

The review counters views that the crisis reflected a basic failure of economics, but agrees that it undercuts some particular theories and approaches to economics. More attention needs to be given to imperfections in the operation of both markets and governments, drawing on insights from behavioral and neuro economics and finance and political economy analysis and recognizing the importance of limited information and uncertainty about correct models. The creation of perverse incentive structures explain a large part of the financial excesses that led to the crisis. Financial considerations need to be integrated much more closely with macroeconomic analysis and financial risk analysis needs to pay more attention to economic considerations. Useful insights can be drawn from many different theories and approaches and we should not expect any one theory to have all the answers. The excesses observed in the advanced economies do not imply that there are not enormous benefits to be gained from further financial liberalization in emerging market economies, but they do show that great care must be taken in establishing strong supervision of such liberalizations and highlight many of the dangers to look out for.

Originality/value

The paper offers a guide to the literature for those interested in learning more about the causes and effects of the crisis and policy responses and offers a number of suggestions for fruitful research topics and policy strategies.

Details

Indian Growth and Development Review, vol. 3 no. 2
Type: Research Article
ISSN: 1753-8254

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Book part
Publication date: 25 September 2020

Ahmet Coşkun and Mehtap Karakoç

The kinds of decisions people make or how they react to certain situations could differ according to the society, atmosphere or environment those people come from. Studies…

Abstract

The kinds of decisions people make or how they react to certain situations could differ according to the society, atmosphere or environment those people come from. Studies about the influence of human behaviors on economics, business and actions were initiated by analyzing human behaviors and those studies carry on into behavioral finance and behavioral accounting.

In previous years, the models used were based on the assumption that people behave rationally while making decisions. These models lost validity recently and behavioral accounting started to search for the influences affecting human behaviors. They started considering not only the people who prepare accounting data but also the people who take advantage of this data. People’s environment, cultural differences, psychological and sociological factors have entered into the accounting’s field of interest as factors that have an influence on behavior.

The aim of this study is to try to analyze the theoretical bases and extent of behavioral accounting, which focuses on the human behavior factors being observed while creating or using financial reports. The authors also aim to contribute to the literature by including the neuroaccounting dimension into the analysis.

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Uncertainty and Challenges in Contemporary Economic Behaviour
Type: Book
ISBN: 978-1-80043-095-2

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Article
Publication date: 12 June 2017

Melvyn Julian DSouza

Abstract

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Qualitative Research in Organizations and Management: An International Journal, vol. 12 no. 2
Type: Research Article
ISSN: 1746-5648

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Article
Publication date: 10 July 2017

Adrian Munteanu

This study aims to argue that in the case of quantitative security risk assessment, individuals do not estimate probabilities as a likelihood measure of event occurrence.

Abstract

Purpose

This study aims to argue that in the case of quantitative security risk assessment, individuals do not estimate probabilities as a likelihood measure of event occurrence.

Design/methodology/approach

The study uses the most commonly used quantitative assessment approach, the annualized loss expectancy (ALE), to support the three research hypotheses.

Findings

The estimated probabilities used in quantitative models are subjective.

Research limitations/implications

The ALE model used in security risk assessment, although it is presented in the literature as quantitative, is, in fact, qualitative being influenced by bias.

Practical implications

The study provides a factual basis showing that quantitative assessment is neither realistic nor practical to the real world.

Originality/value

A model that cannot be tested experimentally is not a scientific model. In fact, the probability used in ISRM is an empirical probability or estimator of a probability because it estimates probabilities from experience and observation.

Details

Information & Computer Security, vol. 25 no. 3
Type: Research Article
ISSN: 2056-4961

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Article
Publication date: 16 June 2016

Sander G. Tideman

The purpose of this paper is to look behind the veil of the concept of Gross National Happiness (GNH), which has been initiated by the fourth King of Bhutan as an…

Abstract

Purpose

The purpose of this paper is to look behind the veil of the concept of Gross National Happiness (GNH), which has been initiated by the fourth King of Bhutan as an alternative to the traditional development concept of gross national product, by analyzing it as an expression of a particular view of leadership originated in the philosophical tradition of Mahayana Buddhism and exploring its relevance for leadership of sustainable development and sustainable (business) organizations.

Design/methodology/approach

Review of literature on GNH in a historical and current context, linking it to trends and concepts in sustainability and leadership. Complemented by author’s observations on regular visits to Bhutan since 2003.

Findings

The GNH leadership view consists of a set of principles: first, interrelatedness of economy, society and eco-systems; second, the economy, society and eco-systems can flourish if their needs are served; third, governance is the agent for serving these needs by the creation of societal happiness; and fourth, societal happiness should include the enhancement of subjective happiness and well-being of people. By tracing these principles to the philosophy of Mahayana Buddhism, especially the Bodhisattva ideal, and comparing them to the principles driving sustainability, the paper argues that GNH leadership signifies an innovation in leadership for sustainability.

Practical implications

This paper examines how GNH leadership can be applied to organizational and business sustainability, and how it contributes to the emerging theory and practice of sustainability leadership.

Social implications

The social relevance of the paper lies in the examination of how GNH leadership can be applied to organizational and business sustainability, and how it contributes to the emerging theory and practice of sustainability leadership.

Originality/value

The paper concludes that GNH leadership – as it corresponds to the principles driving sustainability – represents a new model for sustainability leadership.

Details

South Asian Journal of Global Business Research, vol. 5 no. 2
Type: Research Article
ISSN: 2045-4457

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Article
Publication date: 18 May 2015

Eric H. Shaw

Abstract

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Journal of Historical Research in Marketing, vol. 7 no. 2
Type: Research Article
ISSN: 1755-750X

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Book part
Publication date: 22 February 2010

Steven Horwitz

Purpose – To respond to a paper by D'Amico and Boettke arguing that certain scholars, including myself, whom they label “Neuro-Hayekians” have both oversold the importance…

Abstract

Purpose – To respond to a paper by D'Amico and Boettke arguing that certain scholars, including myself, whom they label “Neuro-Hayekians” have both oversold the importance of Hayek's The Sensory Order for understanding his economics and misunderstood the importance of institutions as opposed to brains/minds in generating social order.

Methodology/approach – I offer a different interpretation of my own work, particularly my use of the word “foundational” to describe the role of The Sensory Order in Hayek's system as well as a criticism of D'Amico and Boettke's apparent dualism.

Finding – On a more careful reading of my own work, as well as that of Hayek himself, I argue that I am not guilty of holding the view that D'Amico and Boettke attribute to me.

Research limitations/implications – The major implication of this exchange is that there is much more agreement than D'Amico and Boettke seem to think.

Originality/value of paper – The value of this paper is found in its attempt to make clear that those scholars arguing for the importance of Hayek's cognitive theory in understanding his work are not arguing that it is a necessary or sufficient condition for understanding his system. Rather, it is valuable for grasping the interconnectedness of his theories of the mind and the market and the relationship between them.

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The Social Science of Hayek's ‘The Sensory Order’
Type: Book
ISBN: 978-1-84950-975-6

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Book part
Publication date: 13 October 2016

Yipeng Liu and Andrew Isaak

As the developing nations grow and experience rapid institutional transformation, research has begun to investigate the roles of culture, cognition and institutional…

Abstract

As the developing nations grow and experience rapid institutional transformation, research has begun to investigate the roles of culture, cognition and institutional context on entrepreneurship and innovation. This chapter aims to advance the entrepreneurial cognition literature by juxtaposing entrepreneurial effectuation, domain-specific expertise and ambiguity. By conducting a qualitative study of Chinese high-tech domestic and returnee entrepreneurs, the authors propose a spectrum between causation and effectuation and argue that the entrepreneur’s perceived level of ambiguity may better explain differing logic orientations among entrepreneurs, contributing to our understanding of entrepreneurial cognition. The authors theorize that (1) individual actors and the level of institutional development jointly comprise the entrepreneur’s logic orientation; (2) the level of perceived ambiguity mediates the strategy adopted by high-tech entrepreneurs; (3) the entrepreneur’s logic orientation can be regarded as a continual spectrum from effectuation to causation. Finally, the logic orientation concept is applied to the context of cross-border mergers and acquisitions (M&A) from a process perspective and the implications and fit of logic orientation with the stages of cross-border M&A are discussed.

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Mergers and Acquisitions, Entrepreneurship and Innovation
Type: Book
ISBN: 978-1-78635-371-9

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Article
Publication date: 17 June 2020

Mrinalini Srivastava, Gagan Deep Sharma, Achal Kumar Srivastava and S. Senthil Kumaran

Neuroeconomics and neurofinance are emerging as intriguing fields of research, despite sharing ambiguity with the concepts of neuroscience. The relationship among the…

Abstract

Purpose

Neuroeconomics and neurofinance are emerging as intriguing fields of research, despite sharing ambiguity with the concepts of neuroscience. The relationship among the concepts of economics, finance and neuroscience is not explicitly defined in the past literature, which distorts the use of neuroeconomics and neurofinance approaches in real-world practice for financial decision-making. The purpose of this paper is to consolidate the literature in the field of neuroeconomics and neurofinance to set up the research agenda for the upcoming scholarship in the field.

Design/methodology/approach

The purpose of this paper is to consolidates the extant literature in the fields of neuroeconomics and neurofinance by conducting an extensive systematic literature review to investigate the current state and define the relationship between economics, finance and neuroscience.

Findings

This paper identifies and explains the explicit relationship between different sub-fields of neuroscience with neuroeconomics and neurofinance and providing instances for future research studies.

Originality/value

The exclusive and extensive literature survey in the form of systematic literature review is undertaken for understanding the fields of neuroeconomics and neurofinance and is the key highlight of this paper. Another, interesting fact lies with matching the literature in neuroeconomics and neurofinance with further sub-fields of neuroscience such as neurophysiology, neuroanatomy, molecular neuroscience and cognitive neuroscience.

Details

Qualitative Research in Financial Markets, vol. 12 no. 4
Type: Research Article
ISSN: 1755-4179

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